TASHKENT, Uzbekistan, July 11. Fitch Ratings, the international credit rating agency, has assigned a Strong rating to JSC Navoi Mining and Metallurgical Company (NMMC), reflecting its 100 percent state ownership, Trend reports.
Fitch evaluates the company’s support precedents as Strong, highlighting that government entities accounted for 19 percent of NMMC’s total debt at the end of 2024. However, the company has not received any equity injections in the past decade.
NMMC’s strategic role in government policy is also rated Strong, as the company produces over 80 percent of Uzbekistan’s gold, is the country’s largest taxpayer, and a significant employer. Given its substantial size and considerable international debt, NMMC is viewed as a key reference entity for the state, leading Fitch to assign a Strong contagion risk rating.
The entity's Standalone Credit Profile (SCP) is assessed at bb+,
accompanied by a Government-Related Entity (GRE) support score of
30 on a scale of 60. Nonetheless, the rating of NMMC is inherently
limited by its strong affiliations with its singular equity holder,
the government of Uzbekistan.
In the realm of environmental, social, and governance (ESG)
metrics, Fitch has designated NMMC with an ESG Relevance Score of 4
pertaining to Financial Transparency. This score underscores a
constrained track record of audited financial disclosures and
notable delays in their dissemination. This variable exerts a
detrimental influence on the credit profile and is deemed pertinent
in conjunction with additional evaluative metrics.
